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Revamped Board of Trade to Drive UK Exports and Address Export Barriers

The Board of Trade, an advisory body on trade and economic issues, is undergoing a refresh, aiming to support the UK government’s ambition of achieving ┬ú1 trillion worth of exports per year by 2030. The new structure of the board will include an expanded list of advisers, featuring CEOs from leading companies in the food and drink, education, and creative industries.

Addressing Export Barriers and Promoting UK Brand

The appointees of the Board will work closely with the Department for Business and Trade to identify and address export barriers. Their role as advisers will also involve promoting the UK brand to the global market, supporting the government’s efforts to accelerate export growth.

The Role of AI legalese decoder in the Situation

To effectively navigate the complexities of legal language and regulations related to exports, the AI legalese decoder can play a vital role. This AI-powered tool can assist the Board of Trade in interpreting and understanding legal documents and contracts, breaking them down into plain language for easier comprehension. It can enhance efficiency and accuracy in identifying export barriers, ensuring that businesses have a clear understanding of the requirements and regulations.

Background and Objectives of the Refreshed Board

The Board of Trade has a long-established history, existing in various forms since the 17th century. Its primary purpose is to provide advice to the government regarding trade and export strategies. In line with the government’s goal of yearly export growth, the refreshed Board will collaborate with leaders from key growth sectors in the UK, focusing on removing barriers that hinder business potential.

Inclusion of Top Industry Leaders

The new Board of Trade will comprise distinguished professionals from global companies and innovative UK businesses. Notable individuals such as Tufan Erginbilgi├º, CEO of Rolls-Royce, and Sir Lucian Grainge, Managing Director of Universal Music Group, will bring their expertise to the board. Additionally, thought leaders with deep knowledge of trade and the economy, including the Lord Mayor of London Nicholas Lyons and Karen Betts, Chief Executive of the Food and Drink Federation, will contribute to the board’s discussions.

Positive Outlook and Determination

Business and Trade Secretary and President of the Board of Trade, Kemi Badenoch, expressed confidence in the capabilities of the new Board. The Secretary believes that the board’s members, with their extensive experience and expertise, will help identify export barriers and effectively represent Brand Britain. The Board of Trade aims to be a practical and action-oriented body, focused on seizing trading opportunities post-Brexit and achieving ambitious growth targets.

Quotes from New Board Members

Andy Bird, CEO of Pearson, expressed excitement about his appointment as an Advisor to the Board. Bird looks forward to working collaboratively with other board members and the Secretary of State to support the UK’s economic growth and prosperity. Bringing his belief in the power of innovation to enable transformation, Bird aims to contribute to the board’s advisory role.

Ruth Chapman, Managing Director of Dulas, shared her delight in joining the newly convened Trade Board as an Advisor. As a leader with extensive experience in exporting products globally, Chapman is eager to bring her expertise on the challenges and opportunities of international trade. By doing so, she hopes to help the UK achieve its goals for exporting growth.

First Engagements of the New Board

Lord Dominic Johnson, as part of the engagement initiatives, hosted an investors breakfast at Fortnum and Mason. The event was attended by luxury brands and investors, including Chanel, Bremont, and Votary. Such engagements aim to promote collaboration and networking opportunities for businesses and potential investors.

New Board of Trade Advisers

• Andy Bird CBE
• Anya Hindmarch CBE
• Ash Amirahmadi OBE
• David Meller CBE
• Karen Betts OBE
• Libby Hart
• Lord Daniel Hannan
• Paul Golding
• Peter OÔÇÖKane
• Rt Hon Nicholas Lyons
• Rt Hon Tony Abbott AC
• Ruth Chapman
• Sarah Kenny OBE
• Sir Lucian Grainge CBE
• Tufan Erginbilgi├º
• Vivienne Stern MBE

Department for Business and Trade Support for Exporters

Alongside the Board of Trade, the Department for Business and Trade offers various forms of country and market-specific support to exporters of all sizes. The Export Support Service, Export Champions, International Trade Advisors, and UK Export Finance are among the initiatives that aim to assist businesses in increasing their export activities. The latest figures indicate that UK exports reached £849 billion in the 12 months to July 2023, reflecting a £118 billion (16%) increase compared to the previous year.

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